ESG rating disagreement and supply chain bargaining power: evidence from China

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-03 DOI:10.1016/j.frl.2025.107699

Yuxiu Si , Gongliang Wu

引用次数: 0

Abstract

This study uses data from Chinese A-share listed firms between 2015 and 2022 to examine the impact of ESG rating disagreement on firms' supply chain bargaining power. The findings indicate that ESG rating disagreement has a significant negative impact on supply chain bargaining power, while high-quality information disclosure can significantly mitigate this adverse effect. The mechanism analysis reveals that ESG rating disagreement hinders the expansion of firms' supply chain bargaining power by affecting investor sentiment and increasing reputational risks. Heterogeneity analysis further shows that the suppressive effect of ESG rating disagreement on supply chain bargaining power is more pronounced in state-owned enterprises, firms in regions with low levels of marketization, and non-heavy-polluting firms. This study provides important insights for improving ESG ratings and promoting the development of a unified and comprehensive ESG rating system.

查看原文本刊更多论文

ESG评级分歧与供应链议价能力：来自中国的证据

本研究采用2015 - 2022年中国a股上市公司的数据，考察ESG评级差异对企业供应链议价能力的影响。研究结果表明，ESG评级分歧对供应链议价能力有显著的负面影响，而高质量的信息披露可以显著缓解这一不利影响。机制分析表明，ESG评级分歧通过影响投资者情绪和增加声誉风险来阻碍企业供应链议价能力的扩张。异质性分析进一步表明，ESG评级差异对供应链议价能力的抑制作用在国有企业、市场化程度较低地区企业和非重污染企业中更为明显。本研究为完善ESG评级，促进统一、全面的ESG评级体系的发展提供了重要见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance